paypony.co.uk
Payday loans and logbook loans are both loan types that are growing in popularity, yet not many people fully understand exactly how they work. The object of this article is to explain the differences between the two types of loans so you can make an informed decision when deciding which one is best for you. They each have their merits and they also each have their pitfalls. I will start with a brief description of what each loan is and who can apply for them, and then move onto a comparison between the two.
Payday Loans
Payday loans also sometimes known as pay day loans or pay check loans are very short-term unsecured loans. They have come about as a stop-gap type of finance that is designed to help people overcome a short-term financial issue with a small injection of cash until their next payday. They can be taken out for sums of money from £85 to £750 and the cash can be paid into your bank on the same day that you apply. The application process is very simple with most of the lenders offering a simple online application form with an instant decision. Although not all lenders carry out a credit check as part of the application process some lenders have now started doing so. In order to qualify you will need to be a UK resident aged 18 or above, you will also need to be employed and earning at least £750 per month, with your salary being paid direct in to your bank account. The bank account will also need a debit card attached to it.
Logbook Loans
A logbook loan is a type of secured loan, but instead of the loan being secured on your home it is secured on your car logbook or vehicle registration document. This type of loan can be taken out for larger amounts of money up to £50,000 if your car is worth enough, and the repayments spread over longer repayment terms. To qualify for a logbook loan you will also need to be a resident of England or Wales and aged at least 18 years old. You must also own your car that is free from finance, and be able to afford the repayments. This type of loan can be taken out no matter what your credit history and there is no credit check required as part of the application process. The application process is in two parts for a logbook loan, starting with a telephone call or by completing an online application. Once the lender has received your application, they will call you back to arrange for you to bring your car and its logbook to the lenders nearest branch so they can inspect the car and put a value on it. They will then tell you how much they are prepared to offer and calculate your repayments. Assuming you are happy with the quote you will need to show them proof of your income and sign some documents, leave your logbook with them and your loan will get paid out.
ukcredit.co.uk
Do you need cash quick? Are you going through a financial bind? Well there are may different solutions out there for you. You can cut some other costs around the house to be able to get some cash. You could always sell something around the house that you haven't been using lately too. If you don't get too embarrassed you could get a loan from a family or friend.
These are all possible solutions for you. For some people these are all great solutions. For others, they may need the cash more urgently and don't have friends and family to get cash from. In this case then you may wish to get involved with payday loans.
Payday loans are a great solution for many financial problems that you may face. The way it works is that you can get a quick loan of around 200 dollars to a thousand dollars within minutes. Very little information and things are required. There is no long sheets of paper to fill out with tons of information either.
Its simple, they simply need your basic information (telephone number, address) which takes minutes to complete. As long as you are at least 18 years of age you qualify for these loans. Cash can be in your hand in minutes!
These loans are especially useful if you are in a stressful situation. Something that could be stressful might be a car accident where you need a new car soon or possibly some medical expenses. Or maybe you simply need some extra cash to get you by until your next pay check.
Whatever the case may be, these loans definitely come in handy. After you fill in the basic information needed you will be able to get your cash within 24 hours time! Now imagine if you were to go to a bank for this. If you went to a bank then you would need to fill out mounds of paperwork. They will do a long credit check to see if you qualify and maybe they wont even want to lend you such a small amount of money. In the end you may not even qualify for the loan.
After you have the cash in hand you will just need to make sure that you pay it all back about one month later. If you are looking to save time as much as you can you can try payday loans online. You can get instant payday loans just as easy online as you would in person. Except you won't have to leave the convenience of your own home. If you have bad credit then don't worry, bad credit loans are not a problem for payday lenders such as Moneytree and cheque to cash
If you were to do it online you could even get the cash directly deposited into your bank account. This is called savings account payday loans. This can come in real handy if you are not able to leave your home. More and more people are doing their loans online now because of its high convenience. Don't worry about leaving your home because you can get it all online now.
There are numerous reasons why you should consider getting the right payday loan for you. The payday lenders can be very flexible if you are needing some extra help. Don't worry about so much regulations and forms to fill out like you would have to at a bank. You can work with the payday loans members to get the right plan for you. It is called a payday loan because you get the loan and it is designed for you to pay back after your next payday. So, all in all this is the process.
loanwonder.co.uk
Over the past few years, banks and building societies have tightened their lending policies to such an extent that there are virtually no unsecured loans available at the moment. Consumers have therefore looked for other unsecured borrowing and consequently we now have record levels of credit card debt.
Despite the base rate of interest remaining at an all time of low of 5%, credit card companies are slowly increasing interest rates; with new rules being imposed on the industry, aimed at giving consumers a better deal, the chances are interest rates will continue upwards. Basically if consumers are getting a better deal, it means the credit card companies will make less money than they would like and therefore look to make up the difference through an increase in interest rates.
However, there is one other area of unsecured lending, which has grown massively in the last 3 years and which is getting a lot of press - both good and bad. This other area is Payday Lending.
A report by the Consumer Focus watchdog group, claims that the number of people taking out Payday Loans has increased by 400 per cent over the last 4 years. It is estimated that £1.2 billion is borrowed each year now, with 1.2 million people taking an average of 3.5 loans per year, with each loan approximately £300. This is a staggering growth, particularly when interest rates on this type of borrowing range between 2 and 5000 per cent.
Not surprisingly, with interest rates at such a high level, a large number of people believe this is nothing more than legalised loan sharking; it is claimed the lenders pray on the most vulnerable people of society.
So what is Payday Lending exactly and why would anybody agree to such a high interest rate?
Payday lending is aimed at people who require a small loan of between £100 and £1200 and who want this money immediately.
Applications are made online mostly - although there are some "bricks and mortar" companies, the bulk of transactions are conducted on the internet.
In some cases there is no credit check carried out, which can be a major attraction of course. With applications where there is a credit check made, the lenders may well still lend even if the credit check shows a poor credit history e.g. somebody with a County Court Judgement may still be able to borrow, when other lenders would refuse credit.
When applying, the consumer gives the lender their bank and debit card details and also says on what day they get paid. If accepted the money is transferred into their account within a couple of hours.
They agree that the lender can take the money (plus fee) direct from their account when funds are available e.g. when they have just been paid -hence the name "Payday Loan". In theory this is a nice and simple transaction with both sides getting what they need.
The interest rates are high for two reasons. The first is that the people who borrow money in this way are by definition high risk. This means that the default rate (people who do not repay the loan) is much higher, and therefore the risk to the lender is high. To cover this risk they charge a higher interest rate.
creditdecline.co.uk
At a time of financial distress, the payday or cash advance can be utilised to protect your good credit rating. Not everyone is aware of this opportunity, although companies granting these short-term loans proliferate on the internet. Most are reputable organisations; however, you should be aware that there are a few bad apples in this barrel of pounds. You can protect your best interests by verifying the reputation of the company you plan to apply to. The Better Business Bureau is a good resource to use as they will have a record of any complaints lodged against a business.
Once you have selected a lending organisation with a clear record of doing business, ask questions about any fees over and above the interest you will owe when the loan is repaid. Ask about any additional fees that will be assessed if you need to rollover, or extend the payment or partial payment on the loan. Some payday loan companies will rollover the money owed; however, this can be expensive. Some will offer a weekly payment plan, which will also add an additional fee to the amount you owe.
The short-term payday loan is convenient. You may apply from the comfort of home and use the internet to do so. You will not have to provide any supporting documents by fax or post. Check advance processing is quick. In some cases you may file your application in the morning, get an answer by noon and have the money in your checking account by the end of the day. This is an added convenience when the funds are needed in a hurry.
Some people misinterpret the practicality of these loans. They are what they are intended to be, short term loans that must be repaid on the payday following your fund being deposited into your checking account for immediate use. They are not intended to be heaped on the backs of the destitute poor. They are intended to be used by working people who have steady employment and a checking account in their name. They are not intended to take advantage of anyone. The loan is more risky for the lender; therefore, it stands to reason that the interest rate will be higher. The only collateral the lender has is the income of the borrower.
Often someone has maxed out all credit cards, run out of family members to borrow money from and an emergency arises out of nowhere. The individual is either left unable to cope or use the more attractive option, the payday loan. The interest rate may be high, but when it is repaid on time, it is only a one-time charge. Any additional fees are disclosed to the borrower before a contract is signed. If the borrower is certain he or she can repay the loan on time, there will be no unforeseen fees added to the amount to be repaid.
What is the Procedure for Obtaining a Payday Loan?
The payday loan service is offered online. There is an upper limit to how much you can borrow. That amount is calculated based on your earnings. You apply online and the lender makes a decision in your favour or against it. You must have a steady job and a valid checking account for making the loan and repayment transactions. The lender will deposit the loan funds into your checking account after you are approved. Then, on your next payday, the lender will use a post-dated check provided by you to be repaid the loan amount plus interest and any applicable fees. If you keep your part of the agreement, the payday loan company will keep theirs.
The advantages are rapid funding, regardless of your bad credit and you will not owe the money for a long time, which will limit the amount of interest you will pay for the privilege of getting the loan. A payday lender uses another financial institution to lend them the money to finance their loan to you. Since the loan company is asking for a secured loan, which means they have collateral to offer, they pay a considerably lower rate of interest. They must charge a higher rate of interest when they grant a high risk loan to you. It may seem high; however, consider the fact that they are in business to make a profit.
A Payday Loan Has Benefits
The payday loan is beneficial only when you use it as a short-term solution to a problem. When repaid on the payday following the loan, it will get you out of a bad situation by providing the emergency funds you need. If you do not have a credit card, or you have used it up to the limit, you may be in danger of eviction, or having the heat turned off in your flat. To avoid this, the payday loan is the ideal solution. The high interest rate is likely not as high as late fees charged by your landlord or your utility company. Unlike the credit card, with your payments will going on month after month, your payday loan will be finished in two weeks to one month. You may know how compound interest works. On a credit card, the interest you pay is charged not only on the balance owed, but also the accrued interest is added to the balance each month and you end up paying interest on the interest. With a short-term payday loan, you make one interest payment along with the repayment of the original loan, and that is the end of your debt.
trusttwo.co.uk
"If you are out of cash and an emergency situation is begging you to decide and act promptly, just ask where you can find the path that will lead you directly to the payday loan and things will be alright." This is one of the payday loan quotes that show how beneficial this loan could be for a particular person. It simply shows that when you are facing a tough situation and you need to produce quick cash, all you would need is to rely on this loan.
However, getting the payday loan services will not that be easy if you are not familiar with it. Of course, to be able to take advantage of something, you should know the ins and outs of it first. And that is exactly what this article is all about, it will tell you all the facts and details that you should know about this loan, which is also called the cash advance. Make sure that you keep all of the information you will read here in your mind, and believe me; it will come in handy for you one of these days.
Bad things happen to everyone. There are instances that your work cannot fully support all the needs of your family. Most of the times, you are looking for that part time job that would help you to earn extra money, but still, it will not be enough. What you need is the fast cash that will provide the solution to your financial problems that are standing huge in front of you-this is the time that you will really need the payday loan help.
So, how you can benefit from this loan? First, you have to seek for the payday loan advice that will guide you and show you the things you should do. There are the payday loan questions that you will surely have, but all of these will be answered once you decide using this loan. You can attend the payday loan forum that will explain and brief you what to expect to this loan, or you can also seek the payday loan tips from your friends who have already used the loan. As you can see, there are so many options that you have, all you need to do is to ask yourself if you really want it.
Let us go back into your financial struggles. Most of these problems occur for several reasons: delay paychecks, expenditures are bigger than actual salary, unexpected lay-off and unemployed for several months, emergency situations, and negligence to pay the bills on time. All of these will lead into one direction-money problem.
However, if you have the knowledge about this personal loan, you will have someone to help you in bailing out of these tough financial situations. You just need to make the first step, which is to apply for them and be approved.
How can you be sure that you will be approved? Actually, there are really no guarantee here, but as long as you can meet their requirements, you always have a chance to be approved. Below is some of the payday loan info that will help you:
- You must be of legal age before you would be allowed to do any transaction with them. If you are 18 years and above, you can fill up their application form and wait for them to evaluate it. If you will be applying online, which is now what most individuals are doing, it will only take a few minutes, and you will know whether your application is approved or denied. If approved, it will also take a few minutes for the money to be wired into your bank account.
- You must be currently employed that will serve as the guarantee to them that you can return the money that would be loaned to you. If you are unemployed, do not be surprised if they will reject your application right away.
quickquid.co.uk
Here is what you need to know to get your online payday loan. When you are applying, make a checklist of these 10 secrets. See if you can match as many secrets to maximize your changes of getting approved or a payday loan.
- Apply only at lender matching sites
On the internet there are two types of payday loan sites: Direct Lender and Lender Matching. Direct Lender sites are run by the actual lender where as lender matching sites collect loan applications and then submit them to many lenders on your behalf and match you with the best lender for your situation. Direct Lender websites only approve a small fraction of lender matching sites approve. - Apply only in the mornings
Your best chance to get an online payday loan is to apply on a weekday morning. Why is this? Because the call centers are fully staffed, and the lenders are hungry for loan applications. If you apply after 4pm, many lenders are auto-denying loan applications because they cannot full fill the payday loan because of ach cut-off times and call center staffing issues. Always apply for online payday loans in the mornings. - Never apply on weekends or holidays
Almost no loan applications are approved on holidays and weekends. This is for the same reasons as why you should apply on weekday mornings. So if you are paying bills Sunday night and you decide you need a payday loan, its best to wait and apply on Monday morning. - Only apply once per pay period
Many lenders will only look at your loan application once per pay period. They will auto-reject your loan application if they have tried to underwrite it in the last 2 weeks. The only acception to this rule is if you are using lender matching payday loan websites to apply. They usually can prescreen lenders that have already attempted to provide you a online payday loan. - Always provide references on the loan application
Many online payday loan applications do not require references, however, the big secret is many of the most reputable payday loan companies will score your loan application higher if you provide references. - If you and your spouse are applying separately for payday loans, you should use separate e-mail addresses
Many online payday loan lenders check for fraud by counting how many social security numbers are using the same e-mail address to apply for loans. The problem is married couples often use the same e-mail address. Some will accept 2 social security numbers, others do not. To be sure to get around this issue, have you and your spouse apply with different e-mail addresses. - Apply for payday loans during the holiday season
The holiday season is the busiest time of the year for online payday loan lenders. They know this fact, and they are prepared with extra staff and money to fund your loan applications. The worst time of year to apply or a payday loan? January. Online payday loan lenders are busy with the holiday hang over collecting on all the money they have lent. Many of the lenders reduce the number loan applications they fund during January. - If you had a payday loan in the past, go back to the same website to get another one
If you had a payday loan in the past and paid it off, you are a VIP customer. That means you get special treatment from your previous lender. They always relax underwriting for previous customers that are in good standing. Try not to go to a different lender if you fit this category. - If you are military or have benefit income, find a website specific for you
The reality is 99% of all online payday loan websites will not accept loan applications from military or benefit income customers. You will need to search the internet to find online payday loan website that will be able to meet your needs specifically. - Be smart when entering your next 2 pay dates on your loan application
Most online payday loan lenders will not fund a loan that is less than 4 business days. So if you are paid weekly or your next pay date is within the next 4 business days, consider applying with your second future pay date as your next pay date. This will increase your changes of getting approved.
safetynetcredit.com
Life is all about ups and downs. Both happiness and sorrows add spice into our lives. In fact, while traversing this hard long journey of life, we come across various patches. Some patches are beautiful while some try to make our life horrible. But keeping all these issues apart, we have to admit that everyone of us have certain responsibilities towards our family. If we work somewhere in certain private or government company then things become a little bit tough. This is just because we get to access a certain fixed amount at the end of every month. Moreover, it is also quite obvious that at times we run out of cash and the due date to get the next salary is still far away.
In such situations, we experience everything has come to a standstill. These days, we can easily access lucrative options to get rid of such problems. However, if a person runs out of cash at the mid of any month, the he/she can comfortably opt for the short term advance loans. This would help the concerned person to get liquid cash without any hassle. This instant cash would permit you to make urgent payments without any second thought. You can make payments for everything such as bills or monthly cable charges. Thus, it can be said, life can sustain its freshness in the midst of any hurdle. This context can be explained in a better manner. At times, when you have low cash in hand particularly in between your pay days, then also you can lead a carefree life by getting these short-term cash advances comfortably. As such, it has been advised that people seeking such payday advance loans should select wisely and get the right loan plan to enjoy maximum benefits and profits of them.
If you are interested in enjoying the benefits of Cash Advance Payday loans, then it is quite necessary that you should know and understand its varied objectives, requirements and aspects. Firstly, to get this type of loan, the loan aspirant should be of 18 years of age. In other words, to become eligible to access payday advance loans, one should be of or above 18 years of age. Apart from this, a report of fixed monthly income of the loan aspirant is also taken into concern. The concerned person should also possess a savings bank account. These loans can also be termed as somewhat like unsecured loans for tenants. This is particularly because the borrower is not required to pledge any property against the amount borrowed. Both good and bad credit holders can apply for such type of loans. These loans are actually offered to both type of credit holders at ease. Moreover, most of the financial institutions offer loans with no credit checks.
These cash advance Payday loans come associated with various attractive benefits. The concerned borrower can get instant cash whenever he/she requires it. Time is the most important factor which creates wonders and brings sufferings without alerting. This option would help you to stay alert and prepared for any situation. With the support of the cash advance Payday loans you can comfortably get instant liquidity within the constricted time and that too in a very stress-free manner.
You can even opt to apply for these type of loans with the online mode. This would help you to save much of your time. However, after you access your next salary cheque, you can comfortably repay the cash advance payday loans at ease. But, one thing should be borne in mind. Before plunging into any scheme of loans, get a clear insight of the terms and conditions of your preferred loan. This would help you to wipe of your burdens and enjoy life at ease.
